Kayne Anderson Rudnick Investment Management LLC Decreases Stake in Omega Flex, Inc. (NASDAQ:OFLX)

Kayne Anderson Rudnick Investment Management LLC lessened its stake in shares of Omega Flex, Inc. (NASDAQ:OFLX) by 6.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 977,113 shares of the industrial products company’s stock after selling 72,135 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned approximately 9.68% of Omega Flex worth $50,106,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. purchased a new position in Omega Flex during the 1st quarter valued at about $30,000. SYSTM Wealth Solutions LLC purchased a new position in shares of Omega Flex during the first quarter valued at approximately $124,000. State Board of Administration of Florida Retirement System bought a new position in shares of Omega Flex during the first quarter valued at approximately $128,000. EntryPoint Capital LLC raised its holdings in shares of Omega Flex by 577.5% during the first quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock valued at $130,000 after acquiring an additional 1,565 shares in the last quarter. Finally, Norden Group LLC purchased a new stake in Omega Flex in the first quarter worth $249,000. Institutional investors own 36.06% of the company’s stock.

Omega Flex Price Performance

OFLX stock opened at $50.72 on Friday. Omega Flex, Inc. has a 1 year low of $43.86 and a 1 year high of $87.86. The firm has a 50-day moving average of $48.81 and a 200 day moving average of $58.46. The company has a market cap of $511.76 million, a P/E ratio of 26.69 and a beta of 0.40.

Omega Flex (NASDAQ:OFLX) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $0.45 earnings per share (EPS) for the quarter. Omega Flex had a return on equity of 24.24% and a net margin of 18.18%. The firm had revenue of $24.62 million during the quarter.

Omega Flex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Thursday, September 26th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Thursday, September 26th. Omega Flex’s dividend payout ratio (DPR) is presently 71.58%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Omega Flex from a “hold” rating to a “buy” rating in a research report on Friday, August 9th.

Omega Flex Profile

Omega Flex, Inc, together with its subsidiaries, manufactures and sells flexible metal hoses and accessories in North America and internationally. It offers flexible gas piping for use in residential and commercial buildings; fittings; containment pining; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.